Tony Blair will stand for the presidency of the European Union ‘if it is big enough’, friends of the former Prime Minister have confirmed.

Mr Blair is understood to be willing to give up his lucrative commercial roles if EU leaders agree that the job of president is a substantial one that requires influence on the international stage.

A source close to Mr Blair said he would be a ‘highly interested spectator’ as EU heads of government meet tonight and tomorrow.

Mr Blair was said to be ‘utterly bemused’ by opposition to his candidacy by the Conservatives.

On Sunday, Mr Miliband said Mr Blair was waiting to see whether EU leaders wanted a president who would ‘stop the traffic’ when his motorcade arrived in foreign capitals or a low-profile chairman figure.